This blog is mainly about the spectacular train wreck at The Sacramento Bee and its parent company, the McClatchy Company. But I also post about current events, the Iraq and Afghanistan wars, politics, anything else that grabs my attention. Take a look around this blog, hope you enjoy it.

Friday, February 6, 2009

New York Stock Exchange gives McClatchy a warning... MNI could be delisted in the next 6 months

McClatchy also announced that it was notified Wednesday by the New York Stock Exchange (NYSE) that it is not in compliance with listing standards, because its stock has closed below $1 a share on average over the past 30 trading sessions. McClatchy said it would tell the NYSE it plans to come into compliance to stay on the Big Board.

I thought the delisting warning came after 30 consecutive business days of being under $1 -- but turns out it's an average over 30 days. One of our commenters called it. Which means MNI is closer to being kicked off the Big Board than I realized...

2 comments:

Anonymous
said...

Gary Pruitt managed to divert all the attention away from his failure as the CEO, to the bad economy. He can’t turn McClatchy around, if he was any good at his job, MNI wouldn’t be trading under $1. Who does he think he is kidding? Oh, the BOD, right.

The MNI VIPs should take a salary decrease at once. The salary they enjoy now was based on performance during good times. Now, they have poor performance records, and it is bad times. It just makes sense to me to cut back at every level. That would show me they are doing EVERYTHING they can to save the industry. Freezing their bloated salaries does not impress me one bit.

McClatchy Stock Performance

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